DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey the market week ended Jan. 16. They observe dispersion among stock-market sectors (0:50), with Real Estate climbing on President Trump pressuring the Government Sponsored Enterprises to buy more mortgage securities in an effort to lower mortgage rates. A mixed bag also prevailed in fixed income (5:00), with Treasury yields in the belly of the curve moving out 5-6 basis points while non-traditional credit sectors still provided positive returns. Commodities (6:52) tacked on gains as crude oil responded to risks of U.S. military strikes and Iranian threats of retaliation. Interestingly, both the dollar (8:46) and gold were up on the week and year-to-date.
In the week’s macro news (10:26), the December consumer price index, notes Mark Kimbrough, offered “some clues that core good inflation is moderating.” For the Jan. 19-23 week, topping the billboard will be the November print of the PCE Index, the Federal Reserve’s preferred inflation indicator.
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Mr. Dhall joined DoubleLine in 2013. He is a Portfolio Manager on the Macro-Asset Allocation team where he works with portfolio management performing analysis and trading for derivatives-based and multi-asset strategies. Mr. Dhall’s research and analysis has contributed to the team’s development of DoubleLine’s smart-beta suite of strategies. Prior to DoubleLine, he worked at Capital Group performing quantitative analysis in fixed income. Prior to Capital Group, Mr. Dhall was an instructor in finance at the UCLA Anderson School of Management and a research instructor at the UCLA Samueli School of Engineering. Previous to that, he worked in International Finance at Gulf Machinery Company. Mr. Dhall holds a B.S. in Physics with a secondary emphasis in Business from the University of California, Berkeley and an M.S. in Financial Engineering from the UCLA Anderson School of Management.
Mr. Kimbrough joined DoubleLine in 2012, where he worked primarily on Agency Mortgage Backed Securities and the Fixed Income Asset Allocation process as a member of the Risk Analyst team. He transitioned to his current role in 2019 where he serves as an Analyst on the Macro Asset Allocation team. Prior to DoubleLine, Mr. Kimbrough was at Western Asset Management working on systems monitoring and development within the Risk Department. He holds a BS in Business Administration with a concentration in Real Estate Finance and a minor in Economics from the University of Southern California. Mr. Kimbrough is a CFA® charterholder.
